Iraq earns $8.8 billion from oil sales In April; highest for decades

5/21/2012

Iraq earns $8.8 billion from oil sales In April; highest for decades

HASSAN HAFIDH, DOW JONES NEWSWIRES

AMMAN - Iraq's revenues from oil sales in April climbed to $8.79 billion, the highest the Middle Eastern country has achieved for decades, the oil ministry said in a statement Monday, adding that Iraq had sold its oil at an average price of $116.8/bbl.

In April, Iraq exported an average of 2.508 million bpd, the highest figure it had reached since 1989, the ministry said.

The country's crude oil exports have stated to increase thanks to the operation of two new sea-borne export terminals in the Gulf.

Oil began loading March 8 from the new Single-Point Mooring buoy in the Gulf--the first of five, each with a loading capacity of 900,000 bpd.

A second 900,000-bpd SPM, built as the first by Leighton Offshore, a subsidiary of Australia's Leighton Holdings Ltd., began loading vessels in April.